NTEC interim CEO Sam Woods talking about how Navajo coal mine in coal belt. He’s also pointing out oil and gas belt and water ways in Navajo Nation. and overlaying resources are solar resources that nation can look at for feasibility of developing. Why showing? because NTEC created to exert greater control of management of tribal resources. if you have all these resources on rez then create company to manage. once have understanding of all resources then make sure you protect those resources and another reason NTEC created. and if have technology economically viable then cud have tribe invest in it.
NTEC has partners, including APS and BHP. NTEC and APS, operator of Four corners power plant, has agreements: 2010 amended and restated coal agreement, and timelineis from 2010 to 2016 to 2031, for 15 more years we will operate under 2016 coal sale agreement. the difference between two agreement is pricing on coal.
we have mine management agreement with BHP, which as current manager will be independent contrator to reasonable operate coal mine and complies w their relevant operating standards. so everything BHP doing before Navajo bought mine is in place. BHP for all operating costs of EIS, litigation efforts for performing services will be reimbursed by NTEC. Mine management agreement ends December 2016 whichis same time BHP leaves. Current collective bargaining agreement with UMWA maintained.
no coal sales to third party and that is there because of proposed sale of coal to China.
all permitting process with APS, PNM, will be managed by BHP from July 2016 to 2041.
NTEC owns all property on Navajo Mine, such as draglines, dozier, buildings that BHP used.
So here are some of various activities engaged in. Management Committee finished interviews for CEO position. this weekend or early next week, announce new NTEC CEO. another activity is internal control, logistics of NTEC. we want ot make sure we put in right policies and procedures. there is lot of drafting of documents.
next is NTEC community engagement and this is to let stakeholders and community know what is happening at Navajo Mine. We were at Upper Fruitland yesterday and Friday at Shiprock,
promote energy awareness, NTEC activities, and next quarter roll out another series of engagement over three years.
involved in Section 17 corporation. NTEC is limited liability corporation and now become Section 17. Congress passed Indian Reorganization Act which includes Indian tribes restructuring economic development. with section 17 then NTEC pay no more state taxes. Also paying BHP loan to Navajo Nation for Navajo coal mine from mine revenues, not Navajo Nation general funds.
NTEC discussing how to invest 10 percent of net profits into renewable energy, clean coal, energy technology. Board drafting operation plans for charter to set up institute over next couple of years.
NTEC look for new operating successor into 2017. We will be heavily engaged in that.
in conclusion, assure that NTEC created to manage tribal resources. while manage and even use resources. create sustainability and that means maintain revenues to tribe. sold over million tons of coal to Four Corners Power Plant. provide energy to Navajo communities from some of tribal resources and creates stablity for navajo mine. again, the 10 percent committment of net profit going into feasibility studies by Energy Institute.
NTEC home office: located within the old NECA administration building in Shiprock, NM